Avis 2008 Annual Report Download - page 115

The geographic segment information provided below is classified based on the geographic location of the Company’s subsidiaries.
The following consolidating financial information presents Consolidating Condensed Statements of Operations for the years ended
December 31, 2008, 2007 and 2006, Consolidating Condensed Balance Sheets as of December 31, 2008 and December 31, 2007 and
Consolidating Condensed Statements of Cash Flows for the years ended December 31, 2008, 2007 and 2006 for: (i) Avis Budget Group, Inc.
(the “Parent”); (ii) Avis Budget Car Rental and Avis Budget Finance, Inc. (the “Subsidiary Issuers”); (iii) the guarantor subsidiaries; (iv) the
non-guarantor subsidiaries; (v) elimination entries necessary to consolidate the Parent with the Subsidiary Issuers, the guarantor and non-
guarantor subsidiaries; and (vi) the Company on a consolidated basis. The Subsidiary Issuers and the guarantor and non-guarantor
subsidiaries are 100% owned by the Parent, either directly or indirectly. All guarantees are full and unconditional and joint and several. This
financial information is being presented in relation to the Company’s Guarantee of the Notes issued by Avis Budget Car Rental. See Note
16—Long-term Debt and Borrowing Arrangements for additional description of these Notes. The Notes have separate investors than the
equity investors of the Company and the Notes are guaranteed by the Parent and certain subsidiaries.
Investments in subsidiaries are accounted for using the equity method of accounting for purposes of the consolidating presentation. The
principal elimination entries relate to investments in subsidiaries and intercompany balances and transactions. For purposes of the
accompanying Consolidating Condensed Statements of Operations, certain expenses incurred by the Subsidiary Issuers are allocated to the
guarantor and non-guarantor subsidiaries. The results of operations of discontinued operations are included in the non-
guarantor subsidiaries
column. Income from discontinued operations, net of tax within the Parent column includes the equity in earnings from discontinued
operations and gain (loss) on disposal of discontinued operations.
F
-
52
United
States
All Other
Countries
Total
2008
Net revenues
$
5,080
$
904
$
5,984
Segment assets exclusive of assets under vehicle programs
3,007
485
3,492
Assets under vehicle programs
7,046
780
7,826
Property and equipment, net
445
40
485
2007
Net revenues
$
5,113
$
873
$
5,986
Segment assets exclusive of assets under vehicle programs
3,776
717
4,493
Assets under vehicle programs
6,938
1,043
7,981
Property and equipment, net
450
50
500
2006
Net revenues
$
4,928
$
761
$
5,689
Segment assets exclusive of assets under vehicle programs
4,652
919
5,571
Assets under vehicle programs
6,902
798
7,700
Property and equipment, net
442
44
486
24.
Guarantor and Non
-
Guarantor Consolidating Financial Statements